The challenge of managing multiple income streams is a good one to have — your business is in-demand. While income from several sources is a wise diversification strategy, it requires diligence to maintain. Much like a performer must keep all the plates spinning, so too should you orchestrate balance in accounting. Learn how to deliver for your clients while maintaining an organized back office, no matter how many clients you’re managing.
1. Centralize Your Systems
Your skill set is in demand across several clients, but you and your team need a birds eye view. Centralize your task management methodology to track work and deadlines. Cloud based project management dashboards can help teams collaborate across time zones and office settings.
Synchronize assigned work and deliverables with invoicing data to keep teams mindful of hours worked. Teams working on a project fee basis versus hourly rate can better manage time and efficiency.
Use smart invoicing software to streamline accounts payable and keep records secure. Export insights to identify income and invoicing trends to help guide business development. With invoicing software, you’ll save time and make better decisions for your business. Plus, accounting software allows you to automate processes like reconciliation and past due notices.
2. Create Repeatable Processes to Ensure Consistency
Without standardization, you invite risk for both you and your clients. Meet with your team to identify potential repeatable processes in need of documentation. For example, your marketing team may regularly extract contact information for email campaigns. There may be multiple ways of getting this done, but without a documented process, your margin of error increases.
Ask your department leaders to identify their unique processes to a granular level. Then, discuss which of them can be standardized and assign a team member to draft a standardized process.
Route their proposal for review amongst the team to ensure every detail is accounted for. Then, upload this into your shared files and hold the team accountable for following it. Do this across our organization and you will see more consistent results for regular tasks and deliverables.
3. Set Goals for Business Relationships
Analyze insights from your invoicing software and project management tool to pinpoint the most profitable work. Look at team hours worked per project and the resources required to do so. Next analyze this information against your current business strategy and industry reputation. You may find that you are getting more client work outside of your usual offering.
While this may not be a bad thing; it may signal that your business development strategy may be in need of an overhaul. If this is the case, work with your sales and marketing team to identify potential markets to determine if you should move forward.
Conduct a review of your current client library and if there are untapped opportunities. Up-selling a current client with new services or more in depth work is one of the best ways to improve your margins.
4. Outsource to Boost Efficiency
If you need more help, you may not need to hire full-time staff. Look to third-party contractors and subcontractors for specialized work, especially work that is short term. Contractors can elevate your deliverables for clients, even bringing in better income for their work.
Freelance work can be especially attractive for specialty work like user experience, copywriting, and technology development. Typical office tasks like bookkeeping, graphic design, and customer service can also help improve your results.
Outsourcing can also help you delegate tasks that take away from your core offering. Established relationships with trusted contractors that can help support your deliverables. External support can also fill in the gaps that can devastate a small team. Ensure your full-time staff can enjoy workplace flexibility, and support when needed for medical and family leaves with contract support.
5. Schedule Regular Reviews
Review your process regularly for managing core business deliverables. Conduct weekly reviews to analyze performance, identify challenges, and adjust plans for each income stream or client. Agencies often have a daily traffic meeting to keep up with client work. No matter your business type, this strategy can help keep teams on task and elevate issues quickly.
In departments, monitor usage of standardized processes, and reporting, especially those related to invoicing. Use your software to alert individuals and leadership of overdue deadlines, and if balances reach a threshold of concern. These alerts can help you address issues immediately and reinforce contract terms and mutual expectations.
Use regular executive staff meetings to review key metrics and returns on investment. Assess which income streams are bringing the best profit and help achieve your goals. Analyze trends to determine hiring needs and long-term talent acquisition. This will help you plan for the future while delivering great results today.
Expand Your Impact Without Burning Out
These strategies can help you and your team do great work and support your clients. By becoming more efficient, you can focus your efforts on value added work instead of administration. Plus, with the time you save, you can strike workload balance, and improve employee satisfaction and retention. An investment in organization can be the difference in your business success this year.